Notes: The Richest Man in Babylon
Lessons: A PART OF ALL YOU EARN IS YOURS TO KEEP One must save at least 1/10th of whatever he/she makes in order to become wealthy. One must understand that you must keep a part of what you make in order to become wealthy. SEVEN CURES FOR A LEAN PURSE 1. In order to start fattening your purse, you must start saving - the book suggests saving at least 1/10th of what you make 2. Control Your Expenditures - you must pay yourself first the 1/10th and live off of the rest of the 9/10ths of what you make. The book suggest that you won't even notice saving the 1/10th but if you don't even save the 1/10th then you will likely spend the whole thing. Most people will be able to figure out how to live on 9/10ths of their income with proper budgeting and sticking to that budget. You must always live within your means. 3. Make your savings multiply - After saving, you must invest your savings in order to have your money multiply. The book suggests lending it out at a certain rate so that y